Tag: hud

TODAY’S MORTGAGE RATES – MAY 29th, 2012

MORTGAGE RATES RISE – BUT COULD DROP LOWER.   

May 29th, 2012

The MBS Market closed last week trading down (-9 bps).  

After hitting all time lows the week before, mortgage rates have pulled up a bit.  This is pretty typical when mortgage pricing hits a low point.  Pricing only stays there for a day or so.  Lenders also don’t bring pricing down as much when the market improves, and lenders bring pricing up quicker when it worsens. 

Even so, mortgage rates are still unbelievably low and I am optimistic they will stay low and may even go a bit lower. 

Europe is still in a huge mess, and until that clears up, investors will continue to seek the sanctity of safe US Treasury bonds.  This helps keeps rates low and could push them lower. 

Below are rates available today paying a point or less:

30 year fixed: 3.625% paying .95 point, 3.875% paying 0 points

20 year fixed: 3.5% paying .61 points, 3.75% paying 0 points

15 year fixed: 2.875% paying .83 points, 3.125% paying 0 points

5/1 ARM: 2.25% paying .99 points, 2.75% paying 0 points

7/1 ARM: 2.5% paying .99 point, 2.875% paying 0 points

30 year fixed High Balance Loan: 3.875% paying .33 points, 4% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 2.75% paying .84 points, 3.125% paying 0 points

30 year fixed VA: 3.75% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Fannie Mae Home Path Mortgage, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, 100%  Financing Mortgage, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages, No appraisal refinances, 0 point mortgages, 0 closing cost mortgages, paying a point mortgages, Refinance mortgages, purchase mortgages, and Jumbo Mortgages.

Today’s Mortgage Rates

MORTGAGE RATES REMAIN STABLE – 30 YEAR FIXED AT 3.75%

MORTGAGE RATES REMAIN STABLE – 30 YEAR FIXED AT 3.75%

February 6th, 2012

The MBS Market closed last week trading up (+ 3 bps).   Rates were better for the majority of the week, but a large stock rally and MBS market downward trend caused rates to pull back on Friday. 

Overall, mortgage rates are a little higher than the previous week even though the MBS markets ended the week trading up. 

This week is a relatively calm week in regards to market news.  Interest rate movement will likely be determined by the demand for Treasury bonds from Tuesday through Thursday, when the treasury is set to auction off 72 billion in bonds.

Today is still a great time to lock with mortgage rates a little higher than their lowest levels ever. 

Below are rates available today paying a point or less:

30 year fixed: 3.75% paying .79 points, 4% paying 0 points

20 year fixed: 3.5% paying .95 points, 3.875% paying 0 points

15 year fixed: 3% paying .69 points, 3.375% paying 0 points

5/1 ARM: 2.375% paying .97 points, 2.75% paying 0 points

7/1 ARM: 2.75% paying .92 points, 3.125% paying 0 points

30 year fixed High Balance Loan: 4% paying ,49 points, 4.25% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 2.75% paying .892 points, 3.125% paying 0 points

30 year fixed VA: 3.75% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

MORTGAGE RATES REMAIN STABLE – 30 YEAR FIXED AT 3.75%

RATES KEEP GOING DOWN – FANNIE MAE PRICING HITS COMING MONDAY

RATES KEEP GOING DOWN!!

January 16th, 2012

The MBS Market closed last week trading up (+ 12 bps).  Rates are now even lower than the lowest rates ever last week. 

I have mentioned Fannie Mae pricing increases coming in past updates.  Our last investor makes this change on January 23rd – so if you think you want to lock in a great rate/price – please contact me by this Friday.

Below are rates available today paying a point or less:

30 year fixed: 3.75% paying .81 points, 4% paying 0 points

20 year fixed: 3.625% paying .73 points, 3.875% paying 0 points

15 year fixed: 3% paying .9 points, 3.25% paying 0 points

5/1 ARM: 2.25% paying .96 points, 2.75% paying 0 points

7/1 ARM: 2.75% paying .95 points, 3.125% paying 0 points

30 year fixed High Balance Loan: 4% paying .5 points, 4.25% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 3.25% paying .0 points

30 year fixed VA: 3.75% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Interest Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rate Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, HARP 2.0 mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

RATES KEEP GOING DOWN – FANNIE MAE PRICING HITS COMING MONDAY

MORTGAGE PRICING BACK TO LOWEST LEVELS EVER!!

MORTGAGE PRICING BACK TO LOWEST LEVELS EVER!!

December 14, 2011

It has been a great week for interest rates.  The bond market has rallied + 65 bps this week, pushing mortgage rates and pricing back to their lowest levels EVER!!

As I have discussed in previous updates, pricing can get better but rates should not go below the 3.75% to 3.875% range on a 30 year fixed loan.  Thus we are getting better pricing, but I don’t think rates will ever drop below 3.75% without significant costs.  The reason is because investors won’t buy them below this rate.  This is a good article from Mortgage News Daily on the current rate market: 

http://www.mortgagenewsdaily.com/consumer_rates/239687.aspx

I still recommend locking at this point.  Pricing usually only stays this low for a day or two before they move back up.

Below are rates available today paying a point or less:

30 year fixed: 3.75% paying 1 point, 4% paying 0 points

20 year fixed: 3.75% paying .567 points, 3.875% paying 0 points

15 year fixed: 3.25% paying .262 points, 3.375% paying 0 points

5/1 ARM: 2.5% paying .947 points; 2.875% paying 0 points

7/1 ARM: 2.875% paying .619 points, 3.125% paying 0 points

30 year fixed High Balance Loan: 4% paying .889 points, 4.25% paying 0 points

30 year fixed FHA: 3.75% paying 0 points

15 year fixed FHA: 3.25% paying 0 points

30 year fixed VA: 3.75% paying 0 points

 

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

December 2011

Mortgage Pricing Back to lowest levels ever!!

MORTGAGE RATES IMPROVE AGAIN

MORTGAGE RATES IMPROVE:

November 7th, 2011

The bond market closed last week selling +116 bps up, pushing mortgage pricing and rates down for the second consecutive week. Even though October was a great month for stocks and a bad month for interest rates, the past couple weeks have seen rates improve. The US economy continues to show signs of improvement, but the weight on the market is the continuing European debt crisis. Many investors are still seeking the security of US treasuries, which is helping keep interest rates low at the present time.

The FED met last week and is taking a wait and see approach. They are not taking action at the present time and letting the market takes it’s course.

Currently rates are very close to the historic lows we saw in August 2011. This week is shaping up to be a relatively quiet week with a lack of significant financial data coming into the market. Of course with the happenings in Europe, things can change very quickly if new information comes out to stir up the market.

I am really encouraging borrowers to seriously look at ARM loans right now. 5/1 and 7/1 ARMs are pricing very good right now, and if you plan on selling in 5 or 7 years, these are great products that allow you to get the best rate/payment available on the market.

Below are rates available paying a point or less:

30 year fixed: 4% paying .83 points, 4.25% paying 0 points

20 year fixed: 3.75% paying 1 point, 4% paying 0 points

15 year fixed: 3.375% paying .63 points, 3.625% paying 0 points

5/1 ARM: 2.5% paying .78 points; 2.75% paying 0 points

7/1 ARM: 2.875% paying .69 points, 3.125% paying 0 points

30 year fixed High Balance Loan: 4.375% paying .75 points, 4.75% paying 0 points

30 year fixed FHA: 3.75% paying .54 points, 3.99% paying 0 points

15 year fixed FHA: 3.375% paying .66 points, 3.625% paying 0 points

30 year fixed VA: 3.75% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, DU Refi Plus Mortgages, Freddie Mac Open Access Mortgages, Freddie Mac Foreclosure Relief Mortgage, VA mortgages, VA Interest Rate Reduction Loans, FHA mortgages, FHA streamline mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

Mortgage Rates Improve Again – November 7th, 2011

MORTGAGE RATES IMPROVE:

MORTGAGE RATES IMPROVE:

October 24th, 2011

Mortgage rates improved slightly last week with the bond market closing + 28 bps on the week. We are still seeing a lot of volatility to in the markets where rates/costs can change a lot in a very short period of time.

My recommendation is to lock in pricing if you looking into a mortgage. The stock market is gaining momentum and I think rates will rise during the last quarter of 2011. In the 4th quarter of 2010, mortgage rates went from 4% to 4.75% in a very short period of time. While I don’t see that much of a change coming, I do feel that mortgage rates will continue to slowly move upwards.   

Below are rates available today paying a point or less:

30 year fixed: 4.125% paying 1 point, 4.375% paying 0 points

20 year fixed: 3.875% paying .74 points, 4.25% paying 0 points

15 year fixed: 3.5% paying .74 points, 3.875% paying 0 points

5/1 ARM: 2.5% paying .88 points; 2.875% paying 0 points

7/1 ARM: 3% paying .59 points, 3.25% paying 0 points

30 year fixed High Balance Loan: 4.5% paying 1 point, 4.875% paying 0 points

30 year fixed FHA: 3.875% paying .69 points, 4.125% paying 0 points

15 year fixed FHA: 3.625% paying .85 points, 3.875% paying 0 points

30 year fixed VA: 3.75% paying .6 points, 3.99% paying 0 points

Today’s Mortgage Interest Rates.  Current Mortgage Rates and APRs for refinancing and purchasing in Arizona, California, and Colorado.  Mortgage Rates Sheets for fixed mortgages, ARM mortgages, Variable Mortgages, Interest Only Mortgages, HARP mortgages, VA mortgages, FHA mortgages, Conforming mortgages, Conventional Mortgages, High Balance Mortgages, Fannie Mae mortgages, Freddie Mac Mortgages,  and Jumbo Mortgages.

MORTGAGE RATES IMPROVE:

 

AUGUST 2011 – PHOENIX, ARIZONA’S HOUSING NUMBERS:

October 10th, 2011

PHOENIX, ARIZONA’S AUGUST HOUSING NUMBERS:

This summer was a record summer for Single Family Residence leases. There were 6,892 single family leases signed compared to 5,664 in the summer of 2010. The numbers reflect the increasing amount of potential homeowners that can not buy due to foreclosures or short sales on their credit. 

Hopefully something is done to lower the amount of time needed to elapse to qualify for a new loan after a foreclosure or short sale. There are a very large number of possible home owners that  have these on their records due to the large drop in home prices.  If the credit requirements do not change, we will continue to see Arizona residents in leases that would typically own a home.

Even though leases are up,   sold inventory continues to post impressive numbers. 8,817 sales were recorded in Maricopa County in August of 2011. This compared to 7,358 for August of 2010. Median home prices are still slightly down compared to this time last year.

Overall, August was a great month for the Arizona housing industry. The more sales we have, the more the industry is turning over the vast amounts of REO and short sale homes on the market. These need to sell and we need to move to a more traditional market for the prices to rise again.

August 2011, Phoenix, Arizona Housing Numbers

ARIZONA HOUSING STATISTICS – BREAKING RECORDS!!

ARIZONA HOUSING  STATISTICS  :  BREAKING RECORDS!!

June was a record month for Arizona housing.  10,868 home sales occurred in June of 2011, surpassing the previous record of 10,252 units sold in June of 2005.

June was also a record month for home leases of Single Family Residences.  2,280 new leases were executed last month, beating the previous record of 2,002 leases in July of 2008.

Typically home sales and leases go in the opposite direction, but with all the short sales and foreclosures occurring – there are a lot of people changing residences. 

Arizona short sales also set a record, contributing to 2,734 sold units – up 33% from May.

We are still very much in a market fueled by investors.  41% of Single Family Residences sales were purchased in cash.  29% with conforming loans, 24% with FHA loans, 4% with VA loans, and 2% with others.

Lastly, the median home price in Arizona increased in June to 111,000 from 109,000 in May. 

(Arizona Housing statistics – breaking records – from Reggie Green @ Crossline Capital)

Licensed in Arizona, California and Colorado.

MORTGAGE RATES BACK TO LOWEST LEVELS OF THE YEAR – 6/27/11

MORTGAGE RATES BACK TO LOWEST LEVELS OF THE YEAR:  The bond market closed the week 56 bps higher – pushing rates back to the lowest levels of the year.  This ended 2.5 weeks of the bond market going down, pressuring rates higher.

30 year fixed rates are now back to 4.375% with a portion of a point.  20 year fixed loans are back to 4.25%.  5/1 ARMS are down to 2.875%.

We are now in the last week of the FED purchasing mortgage backed securities program – QEII.  The market will now determine interest rates without the FED manipulating demand.

6/13/2011 – MORTGAGE RATE RALLY STALLS / 22.7% OF AMERICAN HOMEOWNERS ARE UNDERWATER ON THEIR MORTGAGE

MORTGAGE RATE RALLY STALLS:  Mortgage rates rose slightly as the bond market closed lower for the 2nd time in 8 weeks.  The bond market finished down 34 bps on the week.

This affected interest rates by raising the cost to get each rate by about .25%.  Par rates have remained steady for a number of weeks – right now they are just a bit more expensive.  A 30 year fixed rate is still at 4.375%.  15 year fixed rate is at 3.75%.  5/1 ARM rate is at 2.875%.

Interest rates have seemed to hit their bottom.  Rates will be tested this week with a lot of economic reports and information due out.

THE HOUSING NUMBERS:  According to a new report from CORE LOGIC, 22.7% of all homeowners in the United States owe more on their mortgage than their home is worth.  That translates to 10.9 million homeowners.

Another 2.5 million homeowners are very close to being underwater – having less than 5% equity in their home. 

The state with the highest percentage is Nevada, with a staggering 63% of their homeowners being upside down.  Arizona follows closely behind with 50% of their homeowners being upside down. 

Remember that after 2012, you will be taxed on losses associated with a short sale or a foreclosure.  If you are going to do it, you might as well get started.